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Financial Exercises 5: Investment Timing (Quelltext anzeigen)
Version vom 12. Januar 2012, 17:22 Uhr
, 12. Januar 2012→1. Timing of a single investment
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Ten years ago, John Walden planted Nordman fir trees. The plan is to fell them and sell them as christmas trees. For reasons of efficiency, it is best to fell the complete lot. But John can decide whether to harvest the trees early or to wait and get higher revenues for larger trees. The following table contains the expected revenues for felling the trees in the given year. Walden assumes a 10 % cost of capital.<br/> | Ten years ago, John Walden planted Nordman fir trees. The plan is to fell them and sell them as christmas trees. For reasons of efficiency, it is best to fell the complete lot. But John can decide whether to harvest the trees early or to wait and get higher revenues for larger trees. The following table contains the expected revenues for felling the trees in the given year. Walden assumes a 10 % cost of capital.<br/> | ||
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|year|| alternative cash flows | |year|| alternative cash flows | ||
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|0||180 | |0||180 | ||
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a. Calculate the additional annual cash flow and the opportunity cost of capital for deferring the felling to years 11 to 15. Calculate the difference between additional cash flows and opportunity costs (the economic value added) for years 11 to 15. <br/> | a. Calculate the additional annual cash flow and the opportunity cost of capital for deferring the felling to years 11 to 15. Calculate the difference between additional cash flows and opportunity costs (the economic value added) for years 11 to 15. <br/> | ||
b. Calculate for years 11 to 15 the percentage change of revenues compared to the previous year.<br/> | b. Calculate for years 11 to 15 the percentage change of revenues compared to the previous year.<br/> | ||
c. Calculate the present values of felling in years 11 to 15.<br/> | c. Calculate the present values of felling in years 11 to 15.<br/> | ||
d. Given your calculations, what is the best year for felling the trees?<br/> | d. Given your calculations, what is the best year for felling the trees?<br/> | ||
=== 2. Timing of [[Ersatzproblem|replacement]] (the case of perpetual investment chains) === | === 2. Timing of [[Ersatzproblem|replacement]] (the case of perpetual investment chains) === | ||